The 13th session of the Permanent Framework for Consultation of Public Treasuries of CEMAC (CPC-TP CEMAC) officially opened this Tuesday, March 4 in Libreville. The event, which takes place from March 3 to 6, 2025, was inaugurated by Luther Steeven Abouna Yangui, Director General of Public Accounting and Treasury of Gabon, also President of the CPC-TP CEMAC for the current year.
In a context where CEMAC countries are seeking to strengthen the governance of their public finances and optimize their access to the Treasury securities mrket, this meeting is of capital importance. For four days, the Gabonese capital becomes the nerve center of reflections on the budgetary and monetary future of the sub-region.
Since its creation in 2021, the CPC-TP CEMAC has played a key role in consolidating the government securities market, an alternative to financing by the Central Bank, historically limited to 20% of national budget revenues. This consultation framework offers Member States a platform to refine their resource mobilization strategies, improve their budgetary management and ensure the sustainability of their public debt.
In his inaugural speech, Luther Steeven Abouna Yangui stressed the ambitions of this session: ” We will work to develop the public securities market to broaden the investor base. The objective is to enable CEMAC states to finance themselves locally and reduce their dependence on external borrowing, which is often costly and risky .”
Rodrigue Bissielou Bi Didoungou, National Director of the Bank of Central African States (BEAC), recalled that the creation of the government securities market 16 years ago marked a break with the financing model based exclusively on statutory advances from the BEAC. Thanks to this reform, CEMAC States have gradually adopted a strategy of diversifying sources of financing, by issuing bonds and Treasury bills on the regional market. ” This paradigm shift has enabled States to strengthen their financial autonomy and reduce their dependence on monetary financing ,” he stressed.
However, he warned of persistent challenges. Rising yields are hampering the market’s attractiveness. In addition, declining investor participation, combined with the concentration of repayment maturities in the short term, is significantly increasing refinancing risks. Added to this are recurring payment incidents, which are undermining investor confidence and increasing the risk associated with sovereign signatures.
Strategic debates for a more resilient market
The session’s program includes in-depth discussions on several major issues. The first area of reflection concerns budgetary risks in the CEMAC zone. This will involve assessing the effectiveness of existing management systems and identifying avenues for improvement to strengthen financial governance and ensure more rigorous and sustainable management of public finances.
A second part will focus on the impact of budgetary management on the economy and the Treasury securities market. Participants will analyse the challenges related to optimising the allocation of financial resources and securing Member States’ budgetary commitments.
Two thematic focuses will complement these discussions. The first will focus on the banking sector’s exposure to sovereign risk and its impact on the development of the Treasury securities market. On this occasion, comparisons with other African financial markets will provide an opportunity to draw lessons. The second topic will address the budgetary orientations of CEMAC States for the year 2025. The objective is to highlight the main challenges related to the implementation of public policies and the programming of financing necessary to guarantee sustainable economic growth.
With this 13th session, Libreville becomes the scene of strategic discussions to overcome current challenges and establish a more resilient and attractive public securities market in the CEMAC zone.
